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中金:維持信義能源(3868.HK)“中性”評級 目標價2.44港元
格隆匯 03-18 16:35

中金公司發佈報告稱,上調信義能源(3868.HK)2020年淨利潤3.5%至10.72億港元,並引入2021年淨利潤12.80億港元。當前股價對應2020/2021年12.6倍/10.5倍市盈率。考慮部分光伏項目建設延期或影響收購落地時間,該行暫維持“中性”評級,目標價2.44港元,以待收購計劃進一步落實。目標價對應15.4和12.9倍2020/2021年市盈率。

該行稱,信義能源公佈2019全年業績:實現收入15.9億港元,同比增長32.7%;歸母淨利潤8.9億港元,同比增長20.3%,符合預期的8.8億港元。公司2019年經營性現金流同比增長0.8%至11.2億港元,對應可分派收入覆蓋率123.6%,現金流穩健支撐派息承諾。

公司同步公告計劃於今年內收購母公司信義光能(0968.HK)旗下4個合計270MW光伏地面電站。標的資產中剩餘30Mwde,2016年補貼項目也適用公司上市時與母公司簽訂的四年延期付款規定,進一步減輕收購的付款壓力,最終認購價仍待電站建造及併網完成後確定。該行基於以下兩種測算結果估計公司公告的初步認購價9.6 億元估值合理。

低利率環境下高股息吸引力增加,低槓桿內需標的抗風險能力強。當前資本市場進入低利率環境,而公司當前2020對應的股息率已經達到8.6%,吸引力正逐步增強。同時公司在手現金充足,2019年末淨負債率僅3.2%,自有現金可滿足電站收購的資金需求,流動性風險低。

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